Still ConfusedThe poblic offering was first announced on 18 June so the fact that insiders were participating was well known. And yet the SP subsequently rose above $50 following this announcement.
The Offering contemplates a treasury offering of 15,000,000 common shares by the Company and a secondary offering of 6,000,000 common shares by certain shareholders (the "Selling Shareholders"). The Offering will be priced in the context of the market with the price and total size of the Offering to be determined at the time of entering into an underwriting agreement for the Offering.
On 26 June, they came out with their closing announcement and simply increased the number of shares offered by 2 million for both the company and the selling shareholders. This may have been due to high demand and obviously resulted in them adding more to their coffers in order to pay for Sky Betting & Gaming. So I remain confused as to why the SP has now dropped significantly below the offering price. GLTA
The Stars Group Inc. (Nasdaq: TSG) (TSX: TSGI) ("The Stars Group" or the "Company") announced today the closing of its previously announced underwritten public offering of common shares (the "Offering") at a price of US$38.00 per common share. A total of 17,000,000 common shares were sold by the Company and 8,000,000 common shares were sold by certain shareholders of the Company (the "Selling Shareholders"). The net proceeds to the Company, after underwriting discounts and commissions, but before estimated expenses of the Offering payable by the Company, are approximately US$622 million.